Sharing of confidential information by customers, knowingly or unknowingly, is one of the major causes leading to financial frauds, according to a booklet, “BE(A)WARE”, released by the Reserve Bank of India.

The booklet gives information on the common modus operandi used by fraudsters and precautions to be taken while carrying out various financial transactions.

It aims to enhance public awareness about various types of financial frauds perpetrated on gullible customers while carrying out digital payments and other financial transactions.

“The surge in the digital modes of payments witnessed in the past few years gained further momentum during the Covid-19 induced lockdowns. Digital payments enhance customer convenience by improving ease of doing financial transactions.

“They also contribute to promotion of financial inclusion. However, fraudsters are finding new ways to defraud the gullible public through various ingenious methods,” according to a RBI statement.

Fradulent techniques

The booklet elaborates on safeguards against commonly used fraudulent techniques, such as, SIM swaps, vishing/phishing links, lottery, etc., including fake loan websites and digital apps. 

It also gives details of the commonly observed modus operandi and precautions to be taken against fraudulent transactions relating to banks and non- banking financial companies (NBFCs), respectively. 

“The booklet explains the general precautions and digital hygiene to be followed by the public…The booklet emphasises the need for keeping one’s personal information confidential at all times, being mindful of unknown calls / emails / messages, etc., and also outlines the due diligence measures to be followed while undertaking financial transactions,” RBI said.

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